By way of history, the Ocean One Mall is the old Million Dollar Pier. It was converted to an ocean liner-themed shopping center back in the early 1980s, but it has never been very successful. Owner Park Place (Caesars, Hilton, Bally's and the Claridge Casino Hotel) and retail developer Gordon Group Holdings of New York hope to change that.

"Atlantic City is a vital part of our state's economy," Gov. Jim McGreevey said at last week's unveiling of formal development plans. "Upon completion of the pier, we anticipate the site to be an even more attractive destination."

What the project entails is complete closure of the facility at the end of this year. It will be gutted and redeveloped with the Monopoly theme, a process that is expected to take about 18 months. While no tenant signings have been announced, Gordon officials say it will be a mix of current tenants and new national retailers. Officials say the mix will be similar to another famous Gordon project--Forum Shops at Caesars in Las Vegas. That would make the new Park Place on the Boardwalk decidedly upscale.

The Monopoly theme will be carried out primarily through a series of interior courtyards, beginning with the lushly landscaped Marvin Gardens. The middle court will be called Reading Railroad, featuring an old-time train station. The third court will be called Water Works, and it will bring a Vegas-style display to A.C. The $5 million sight-and-sound display, which will put on a five-minute show every hour, is being described by company officials as "a musical ballet of water, steam, fog and fire, accompanied by the world's first autoaquapipe organ."

Gordon will finance, develop, lease and manage the three-story Park Place on the Boardwalk, which will continue under Park Place ownership. A new skywalk will connect the complex with Caesars Atlantic City, which sits directly across the boardwalk. Caesars had acquired the Ocean One Mall in the mid-90s for $18 million, but two earlier redevelopment plans never materialized in the wake of ownership changes of the casino-hotel.

As an adjunct to the project, Park will also build a 3,000-car parking garage. The $60-million facility will serve both the redeveloped mall and the adjacent Caesars, Bally's and Claridge casino-hotel properties.

"This marks a real homecoming for the game of Monopoly," Jane Ritson-Parsons, president of Hasbro Group Properties said at the unveiling of the development plans. Toy and game maker Hasbro, of course, owns the right to Monopoly.

"We're thrilled that they've named this project after the two most prestigious properties on the Monopoly board," she concluded.